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DIVISION OF I N T E R N A T I O N A L F I N A N C E BOARD OF GOVERNORS H. 13 June 2, 1965. No. 198 V CAPITAL MARKET DEVELOPMENTS ABROAD j I. II. III. I. Japan Nine Charts on Financial Markets Abroad Latest Figures Plotted in H. 13 Chart Series Japan: Money and Capital Markets in April-May The near financial failure of Japan's second largest securities company, the Yamaichi Securities Company, Ltd., was the major development in Japanese financial markets in May. According to press reports, the company's liabilities in mid-May exceeded its assets by about $20 million. The Ministry. of Finance and the Bank of Japan have both announced their intention to support the firm financially so that it does not fail. The stock market remained relatively calm in view of the news, but sank to a new five-year low at the end of May. Japanese short-term borrowing in the U.S. rose substantially in March by $121 million, although part of this reflected credits that had been extended earlier but had not been reported until recently. With a rise in long-term claims of $20 million in March, total claims increased $141 million. In the twelve months ending March 31, 1965, Japanese borrowing in the U.S., as reported by U.S. banks, increased $601 million. In April, the first Japanese bond placement in the United States since September 1963 was made. A second issue, within the $100 million exemption from the Interest Equalization Tax granted to Japan in February, is expected in June. Table 1. Japan: Short- and Long-term Borrowing in the U.S. (in millions of U.S. dollars) 1961 1962 1963 1964 Short-term claims 1/ Long-term claims 1/ TOTAL Securities — ! TOTAL & 722 _5 727 212 50 262 431 121 606 58 141 200 0 785 403 806 784 784 Change during period 1964 1965 Jan. Feb. IV I II III Mar. 229 _61 290 69 15 84 24 26 50 121-|' _ZCr' 141-2' _o _o _0 0 290 . 84 50 360 I 2 jt> 360 622/ _45§/ 107—/ -61 _26 -35 —5 y — o 107-2/ -35 1 o , 1-2/ 0 141"' 1/ Bank-reported liabilities to the U.S. 2/ New security flotations. J3/ Includes $91 million newly reported in December. 4/ Includes $38 million newly reported in December. a/ Preliminary. NOTE: Data on short- and long-term claims since early 1962 have recently been revised substantially by the U.S. Treasury. OFFICIAL USE ONLY (Decontrolled after 6 months) OFFICIAL USE ONLY - 2- In May, the continuing tightness in the Euro-dollar market led Japan on three occasions to increase the maximum authorized rates that Japanese foreign exchange banks may pay on Euro-dollars. Between May 10 and May 31 authorized rates were increased by the Ministry of Finance by 0.25 to 0.625 percentage, points. (See Table 2). These actions brought most of the rates to the highest level in years. Table 2. Effective: Less than 30 days 1-3 months 3-6 months 5-12 months 1 year and over Japan: Maximum Authorized Rates on Euro-dollar Deposits 3/15/65 3/25/65 5/10/65 5/24/65 5/28/65 5/31/65 4.375 5.125 5.25 5.625 5.875 4.375 4.875 5.25 5.5 5.875 4.375 4.875 5.125 5.375 5.875 4.375 5.0 5.25 5.5 5.875 4.375 5.25 5.375 5.5 5.875 4.375 5.5 5.625 5.75 6.125 Japan continued to lose international reserves in May for the second consecutive month. Following a decline of $34 million in April, reserves fell an additional v6millIon in May to $2,013 million. The May decline would have been even larger except for the United Kingdom drawing on the IMF which had the effect of increasing Japan's official reserves (through a rise in its gold tranche position) by $30 million. The trade performance was relatively good in April, but for the second consecutive month there was a net outflow of long-term capital. The yen continued to weaken in the foreign exchange market in April and the first part of May. On the domestic side, the money market remained easy and call loan rates remained steady in April and most of May. Bank credit expansion appeared to be accelerating through March, and the average interest rate on bank loans and discounts continued to decline through February. New bond issues reached a record high in March when a very large volume of public corporation bonds was issued. Money market. The easing tendency in the money market, evident since last October, continued in April and May, and rates may ease further in June if the heavy bond-buying operations which are projected are carried out by the Bank of Japan. In April, the expansionary effect from seasonally heavy net Treasury payments of ¥238 billion was not quite offset by the contractionary impact from an increase in note issues of ¥11 billion and a decline in Bank of Japan credit of ¥225 billion during the month. Interest rates. Call loan rates were unchanged throughout most of April and May after declining on April 3 following a reduction in the Bank of Japan's basic discount rate. Call rates have been falling since last September and are now at the same general level as in January of 1964. (See Table 3). OFFICIAL USE ONLY OFFICIAL USE ONLY Table 3. Japan; -3- Average Call Loan Money Rates in Tokyo Overnight — / Unconditional — / Over-month-end — ^ March 27 8.030 8.395 9.125 April 3 10 17 24 6.935 6.935 6.935 6.935 7.300 7.300 7.300 7.300 8.030 8.030 8.030 8.030 May 1 8 15 22 6.935 6.935 6.935 6.935 7.300 7.300 7.300 7.300 8.030 8.030 8.030 8.030 1/ 2/ 3/ For settlement on the following day. Repayable at a day's notice. Repayable at a day's notice in the following month. After remaining steady at 7.99 per cent in the second half of 1964, the average monthly interest rate on bank loans and discounts edged down to 7.98 per cent in January and 7.97 per cent in February. The declines, reflecting the January discount rate reduction, probably continued into April and May, following the April discount rate reduction. Bank loans and discounts. Bank credit rose by 1.4 per cent in March compared to an increase of 1.3 per cent a year earlier and 0.3 per cent in February of this year. The credit increase in March showed up primarily in a 2.2 per cent rise in loans, compared to a 1.2 per cent rise in February. Holdings of securities remained unchanged, as against a 2.4 per cent decline in February. Bills discounted in March increased by 0.5 per cent, compared to a slight decline in February. There was a seasonally large rise in deposits in March of 6.4 per cent compared to 0.6 per cent in February and 6.1 per cent a year earlier. During the first quarter bank credit increased 2.9 per cent, or somewhat higher than the 2.5 per cent rise in the same period a year earlier. (See Table 4). This indicates that credit has been increasing at a somewhat faster rate since monetary policy was first relaxed last December. OFFICIAL USE ONLY OFFICIAL USE ONLY Table 4. Japan: -4- Quarterly Changes in Deposits and Principal Assets of Commercial Banks (in billions of yen) DEPOSITS Per Cent Total Change Total Per Cent Change PRINCIPAL ASSETS Per Bills Cent DisLoans Change counted Per Cent Change Securities Per Cent Chang* + 128 + • 61 + 678 + 920 1 .2 0 .6 6 .4 8 .2 + + + + 206 547 407 801 1 .8 4 .6 3 .3 6,.2 + + + + 256 181 223 585 3 .9 2 .7 3 .2 8,.2 + 14 + 108 + 213 + 145 0 .4 3 .3 6 .3 4,.0 „ 64 + 253 + 41 + 71 +1,158 + 405 +1,019 + 947 8,.8 3..1 7,.4 6.,4 + + + + 929 588 783 923 6.,8 4.,0 5.,1 5.,8 + + + + 717 365 524 589 9..3 4.,3 5,.9 6.,3 + + + + 185 150 245 293 4.,9 3,.8 6,.0 6..8 + + + + 27 73 14 41 1.2 3.3 0.6 1.8 2..9 5.,9 5.,1 + + + + 429 754 774 960 2. 5 4. 3 4. 3 5. 1 + + + + 344 278 335 574 3., 5 2. 7 3. 2 5. 3 + + + + 111 218 291 206 2.,4 2. 7 6. 0 4. 0 26 + 348 + 148 + 180 - 1.1 14.9 5.5 6.4 3. 5 + 570 2. 9 + 404 3. 5 + 48 0. 9 + 118 3.9 + + + 459 65 944 860 + 620 - 0 .,4 - 3.4 14.1 2.0 3.3 The proportion of bank loans and discounts extended for purchases of equipment was 17.1 per cent in March, down slightly from 17.2 per cent in February, but above the cyclical low of 16.3 per cent in March of 1963. Bank of Japan operations in April were sharply contractionary. (See Table 5). The Bank sold (net) ¥199 billion in securities and reduced its lending by ¥26 billion. However, the contraction did not entirely offset the heavy net Treasury payments in April coming at the opening of the new fiscal year. Table 5. Japan: Changes in Bank of Japan Loans and Holdings of Securities (in billions of yen) (1) (2) + (3) Net increase (+) or decrease ( - ) 1963 I Quarter II Quarter III Quarter IV Quarter . + + + 158.2 109.2 202.4 18.0 (2) Loans: increase (+) or decrease (-) + + + 59 .1 198..7 91..3 81.,2 OFFICIAL USE ONLY (3) Net purchases (+) or sales (-) of securities + + + + 99 .1 89,.2 129,.1 99,.2 OFFICIAL USE ONLY -5- Table 5. (Cont.) (1) Period (2) + ( 3 ) Net increase (+) or decrease (-) (2) Loans: increase (+) or decrease (-) (3) Net purchases (+) or sales (-) of securities 1964 I Quarter II Quarter III Quarter IV Quarter + 203.3 - 75.7 + 106.1 - 329.6 + 36.7 + 121.0 + 97.5 - 300.5 + 166.6 - 196.7 + 8.6 - 29.1 1965 I Quarter January February March April + 217.5 - 42.2 +155.2 +104.5 - 244.6 + 216.5 + 114.8 +36.4 + 65.3 - 25.9 + 1.0 - 157.0 + 118.8 + 39.2 - 198.7 Bond market. New issues of bonds climbed to record heights in March, reaching ¥224 billion. New issues were ¥76 billion higher than in February, and ¥48 billion higher than last December when an all-time high was reached. Most of the increase was accounted for by a meteoric rise in new issues of public corporation bonds, which more than tripled between February and March from ¥31 billion to ¥95 billion. New issues of bank debentures were also up by ¥4 billion to ¥98 billion and new issues of industrial debentures rose by ¥8 billion to ¥31 billion. It was a busy month for the bond market. Bond yields in March were a shade higher than in February, but mostly unchanged. Average yields on local government securities, public corporation bonds and one-year bank debentures remained at the rates prevailing throughout 1964, or 7.354, 7.053 and 6.224 per cent, respectively. The yield on long-term bank debentures was up slightly at 7.287 per cent, while the yield on industrial bonds rose to 7.487 per cent from the February rate of 7.476 per cent. Stock market. The stock market sank to a new five-year low in May, largely in response to the news of the near insolvency of the Yamaichi Securities Company, Japan's second largest securities company. The Minister of Finance revealed on May 21 that the firm was in financial difficulty and he pledged that the full resources of the government, including those of the Bank of Japan, would be made available to prevent the firm from failing. The Dow Jones average weakened steadily from May 21 through May 28. On that date the average broke through the ¥1,100 level for the first time this year, and fell to ¥1,082, the lowest level since August of I960. On May 29, Governor Makoto Usami of the Bank of Japan announced that the Bank would extend an "unlimited amount of special loans" to Yamaichi in order to keep it from collapsing. The market then rallied to ¥1,143 on May 31, but sank back on June 1 to ¥1,093. Earlier trends are indicated in Table 6 below. OFFICIAL USE ONLY OFFICIAL USE ONLY Table 6. Japan: -6- Dow Jones Average of 225 Stocks, First Section of Tokyo Exchange March 29 ¥1.,119 April 5 12 17 24 1 :,124 1 ;,163 1,,142 1,,129 May 1 8 15 22 29 ¥1 ,177 1 ,169 1 ,148 1.,141 1.,109 1 1.,093 June 1964 High Low ¥1:,369 ¥1;,203 1965 High Low ¥1.,290 ¥1.,082 Foreign trade. In April the seasonally adjusted trade surplus fell to $21 million as against $55 million in March. This was the fourth consecutive monthly surplus for Japan's traditionally unfavorable trade balance. Exports in April were off 1 per cent and imports rose 5 per cent. The April surplus is about the same as during the first quarter of this year, but the level of both exports and imports was $10 million higher. The trade figures in Table 7 below are monthly, or monthly averages, on a customs basis, seasonally adjusted. Table 7. 1963 III IV Imports Exports Balance _§/ 576 469 643 484 -107 -159 Japan: I 664 485 Seasonally Adjusted Foreign Trade (in millions of dollars) 1964 II III 655 534 -179 -121 IV I 697 618 659 679 - 61 - 79 + 20 632 571 + Jan. 1965 Feb. Mar. Apr. 663 668 674 675 639 694 668^; 689^' 1 + 55 + 21-' 5 + Preliminary. Foreign reserves and capital flows. Japan's gold and foreign exchange reserves fell $34 million in April and a further $6 million in May to $2,013 million. The drop in May reportedly reflected an outflow of short-term funds from Japan. The April decline reflected mainly the continued outflow of longterm capital and the deficit on current account. The ratio of Japan's international reserves to the Bank of Japan's note issue fell from 36.5 per cent in March to 35.8 per cent in April. This decline continues the general downtrend in recent years, with international reserves rising less rapidly than issues of bank notes. OFFICIAL USE ONLY OFFICIAL USE ONLY Table End of Period 1959 1960 1961 1962 1963 1964 1965 Japan; Rates of Reserve to Bank Notes March June September December January February March April Reserves/ Bank Notes Bank Notes Issued International Reserves ¥520.9 701.6 599.8 727.9 740.9 718.6 697.3 698.0 719.6 billion billion billion billion billion billion billion billion billion ¥1,029.4 1,234.1 1,480.1 1,745.9 2,057.4 1,774.8 1,860.6 1,836.1 2,298.8 billion billion billion billion billion billion billion billion billion 50.6 56.9 40.5 41.7 36.0 40.5 37.5 38.0 31.3 per cent per cent cent per per cent per cent per cent per cent per cent 729.7 738.0 739.1 726.8 billion billion billion billion 1,961.2 1,995.2 2,022.3 2,032.8 billion billion billion billion 37.2 37.0 36.5 35.8 per per per per cent cent cent cent In April there was a negative over-all balance in the international accounts as measured on an exchange transactions basis. (See Table 9). For the second consecutive month, there was a net outflow of long-term capital. The current account also registered a deficit following surpluses in February and March. Table 9. Japan: Balance of Payments on an Exchange Transactions Basis (in millions of dollars) I Trade account balance Services balance Current account Net long-term capital receipts Net short-term capital receipts Net balance on capital account Errors and omission Over-all balance of payments NOTE: Quarterly data rounding. - 93 - 36 -129 1964 III IV Dec. I Jan. 1965 Feb. 71 - 37 - 37 .139 33 - 74 94 -42 51 131 zJlL 84 51 -44 7 - 77 - 33 -110 95 134 - 42 iJd 53 77 II Mar. Apr, 31 -57 -26 42 28 33 32 5 27 26 - 39 -13 42 -54 -55 Z_52 -I! 128 - 63 - 31 16 122 - 14 84 - 30 - 26 - 5 -22 -16 - 22 - 7 16 - 6 155 - 17 - 37 7 - 70 - 7 3 -13 - 21 - 20 1 13 55 17 28 23 0 -36 23 —99 are monthly averages. Data may not add exactly because of OFFICIAL USE ONLY OFFICIAL USE ONLY -8- Preliminary data indicate that Japanese short-term liabilities to the U.S., as reported by U.S. banks, rose by $121 million in March to a record $2,842 million. Part of the increase in these U.S. claims in recent months reflects newly reported data rather than the creation of entirely new claims. Table 10. Jan. 1959 1960 1961 1S62 1963 1964 1965 168 326 875 1 ,601 1 ,697 2,,247 2,,720 Feb. 175 372 952 1 ,685 1 ,691 2 ,340 , 2 ,721—' Short-term Claims on Japan Reported by U.S. Banks (in millions of U.S. dollars) Mar. 204 420 1 ,069 1 ,778 1 ,751 2 ,400 2 ,842^/ Apr. May June July 224 456 1 ,159 1 ,775 1 ,876 2 ,394 242 488 1 ,196 1 ,762 1 ,898 2.,421 260 497 1 ,272 1 ,758 1 ,872 2 ,469 256 586 1 ,341 1 ,765 1 ,877 2 ,416 Aug. Sept. Oct. Nov. Dec . 269 628 1,335 1,767 1,798 2,472 262 660 1,288 1,711 1,890 2,493 262 693 1 ,281 1 ,710 1 ,904 2,,488 275 711 1,292 1,662 2,017 2,496 324 806 1,528 1,740 2,171 2,781 NOTE: _§/ Data for 1962, 1963 and 1964 have been revised and include $52 million reported by banks initially as of December 31, 1961. The December 1964 figure includes $128 million in newly reported data. Preliminary. Japan returned to the American capital market in April with its first bond issue since September of 1963. Nippon Telegraph and Telephone Corporation floated a $22.5 million, 15-year, 5-3/4 per cent bond at a price of $97.25 with a final yield to subscribers of 6.031 per cent. This bond is the first one eligible for the $ 100 million per year exemption from the Interest Equalization Tax granted by the United States to Japan in February. There were no reported issues in May, but a second U.S. issue of $20 million is planned for June. This also will be a 15-year, 5-3/4 per cent bond, issued by the Metropolis of Tokyo. In April of 1964 the Metropolis of Tokyo successfully placed a $22.5 million, 15-year, 5-3/4 per cent bond in Europe, and had the bond listed on the New York Stock Exchange. The World Bank approved a loan to the Japan Highway Public Corporation in May equivalent to $75 million for a term of 25 years. It will bear interest at 6.5 per cent. This is one per cent above the standard interest rate of the World Bank, and is the first application of a policy adopted recently by the Bank of charging higher interest rates to countries which cover their external capital needs mainly in private capital markets. Foreign exchange. The yen weakened substantially in both the spot and forward markets during April and the first half of May. The spot middle-rate depreciated from ¥360.75 to the dollar on April 1 to ¥362.45 to the dollar on May 15. This is the weakest the yen has been since July of 1964. During the OFFICIAL USE ONLY OFFICIAL USE ONLY -9- third week in May, the yen strengthened slightly. In the forward market, the yen continued to depreciate through May 10, but then strengthened slightly through May 22. The weakness in April reportedly reflected the maturing of a large volume of import bills contracted late in 1964, and also the net outflow on current and long-term capital account during the month. In May, some of the weakness in the early part of the month resulted from a moderate loss in Eurodollars . Table 11. Japan: Customer's T.T. Exchange Rate of Bank of Tokyo in Tokyo Yen-dollar spot middle rate Three-month forward middle rate Forward discount in per cent per annum March 27 361.30 361.05 .28* April 5 12 19 ' 26 361.10 361.80 362.25 362.45 361.15 361.65 361.55 361.75 .06 .17* .78* .77* May 4 10 15 22 362.60 362.60 362.45 362.35 362.05 362.15 361.90 361.90 .61* .50* .61* .50* * Premium. Asia, Africa and Latin America Section. II. Chart Chart Chart Chart Chart Chart Chart Chart Chart 1 2 3 4 5 6 7 8 9 - Nine Charts on Financial Markets Abroad International Money Market Yields for U.S. Dollar Investors Interest Arbitrage, United States/Canada Interest Arbitrage, New York/London Interest Arbitrage for German Commercial Banks Short-term Interest Rates Long-term Bond Yields Industrial Stock Indices Spot Exchange Rates - Major Currencies Against U.S. Dollar 3-month Forward Exchange Rates OFFICIAL USE ONLY INTERNATIONAL 3-MONTH EURO MONEY M A R K E T Y I E L D S FOR DOLLAR U.S. D O L L A R DEPOSIT VS. CERTIFICATE J Yit J i D$ I INVESTORS OF DEPOSIT aJ J[,S - - / — 1 r x - z "h — i — ricAii or IIPOSII - — 1i vA Xvfwl | EURO-DOLLAI I . CERTIFICATE C> F DEPOSIT Z ' SELECTED I N T E R N A T I O N A L M O N E Y Friday l i g u r n - V Y M i l ^ RATES E U R O - D O L L A R DEPOSIT RATES ( L O N D O N ) C O M M E R C I A L PAPER-FULLY HED«EW I I U.K. HILL PURCHASE A ' V 1 1 1 1 GE, U N I T E D S T A T E S / C A N A D A 3 - M O N T H TREASURY BILL RATES BILL RATE D I F F E R E N T I A L A N D F O R W A R D C A N A D I A N D O L L A R SMIAD IN IAVOR OF CANABA 3 - M O N T H C O V E R E D RATE D I F F E R E N T I A L S (NET I N C E N T I V E S ) m o t CANAiA FAVOI U. $_^ fAVOI CANADA TliASUIV l i m i i M i M J S D M 1»6J Thunday ftgurei 1962, Friday thereafter. J S lf*3 D M J S I •• 4 D i I i i M J S m s P V INTEREST A R B I T R A G E , N E W Friday figures YORK/LONDON 3 - M O N T H T R E A S U R Y BILL RATES RATE D I F F E R E N T I A L A N D FORWARD 3-MONTH STERLING xfWN FORWARD RATE RATE D I F F E R E N T I A L WITH FORWARD EXCHANGE IN FAVOR OF LONDON IN FAVOR OF NEW YORK COVER (NET INCENTIVE) INTKRKST ARBITRAGE FOR GERMAN COMMERCIAL BANKS Friday f l g u r t s 1 1 1 r 1 1 3 - M O N T H TREASURY BILLS, INTERBANK E U R O - D O L L A R D E P O S I T RATES 1 LENDING 1 r RATE A N D | i 4 GERMAN TBEASU1Y II11S I I I I I I I I 1 1 1 I I I I I I I I I I II RATE D I F F E R E N T I A L A N D I 1 I I I I I I I II F O R W A R D DEUTSCHE MARK J FIE AP IN F A V O t Of F I A N K F U I I INTERBANK LOAN tAT I FOBWABD BATE z Z \ n - r i l A S U B Y 1111$ I I I I n i i l i i i RATE D I F F E R E N T I A L W I T H F O R W A R D E X C H A N G E C O V E R (NET I N C E N T I V E ) IN FAVOB OF FBANtFUBT | A » ^ V A V r ~ J \ N V . I \JV4 I A INTERBANK 1 0 A N BATE w \ _ / N \ IN FAVOB OF LONDON EUBO-DOUABS l_L.J 1 1 I t I 8 Chart 5 SHORT-TERM INTEREST R A T E S * iUIO-OOUAl • lONPOi /—V — d. i. mi 3-month Ireoiury bill rolei lor oil countriei except Japan. and Switzerland (3 month depoiil rate) "f 3 month rote lor U.S. dollar deposit! in London. (Average role on bonk loam end diltewnli) Clan 4 L O N O - T I R M B O N D YIILDS V CARAIA J V IITNIIIAIIS I.S. mv mi CMil y "vrt * Swill l e n t Corporation induilriel Hock. ** iopon: Inde* of 225 indvifriol ond other i l o c l i troded on ike Tokyo eichonge S P O T E X C H A N G E RATES - M A J O R CURRENCIES A G A I N S T U.S. D O L L A R GERMAN MARK U.K. STERLING FRENCH FRANC BELGIAN FRANC DUTCH GUILDER V\ ITALIAN LIRA CANADIAN DOLLAR JAPANESE YEN 3-MOI A G A I N S T U.S. DOLLARS SWISS VRANC > / A ' Y I , v AGAINST POUND STERLING • LONDON AGAINST POUND STERLING • L O N D O N y>\— 1.V4S H.13 No. 198 June 2, 1965 III, Latest Figures Plotted In H.13 Chart Series, 1965 Per cent per annum Chart 1 Upper panel (Wednesday, May 26 (Friday, May 28 , except as noted) ) Euro-$ deposit 5. 00 U.S. certif. of deposit 4.32 Treasury bills: Lower panels (Friday, May 28 Euro-dollars: ) Call 7-day 30-day 90-day 180-day Finance Co. paper: 4. 38 4.50 5.06 5.25 5.44 U.S. & 2 5 Canada 4.95 Hire-purchase paper, U.K. Canada 3.84 U.S. 3.85 -0.01 Forward Canadian dollar +0.27 Net incentive (Canada +) +0,26 Chart 3 May 28 Treasury bills: U. K. 6.20 Germany 3. 12 Canada 3.84 3,25 Euro-$ deposit (London) 5^25 Japan: composite rate (Date: Feb. 26 ) 7.968 Chart 6 U.S. govt. (Wed. May 26 ) Spread favor Canada (Friday, 1^85 Bonds: May 28 Treasury bills: U.S. Swiss 3-month deposits (Date: April 15 ) 4.87 Chart 2 (Friday, Per cent per annum Chart 5 ) U.K. 6.20 U.S. 3.85 Spread favor U.K. ) 6.73 German Fed. Railway (Fri. May 28 ) 6^85 Swiss Confederation (Fri. Mav 21 ) -LJLL Canadian govt. (Wed. May 19 May 26 ) ) 5.09 5. 14 Netherlands government perpetual (Fri, May 21 ) 5. 13 2^35 Forward pound -2.44 Net incentive (U.K. +) -0.09 Digitized for ForFRASER description and sources September 23, 1964. 4. 18 U.K. war loan (Thurs. May ?7 of data see special annex to H. 13 Number 164,
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